Hi Everyone. Well, after 15 years the RV-Dreams Community Forum is coming to an end. Since it began in August 2005, we've had 58 Million page views, 124,000 posts, and we've spent about $15,000 to keep this valuable resource for RVers free and open. But since we are now off the road and have settled down for the next chapter of our lives, we are taking the Forum down effective June 30, 2021. It has been a tough decision, but it is now time.
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I'm thinking I may want to invest in a duplex I've had my eye on.
The numbers work; location and condition are excellent, and I have an excellent handyman with whom I have worked for over 20 years, and who I trust to take very good care of the place.
Only, I only intend to be in that area in the summer, so will be an absentee landlord for most of the year.
I guess maybe I need a mentor, as the taxes and LLC stuff feels overwhelming.
Also, I never intend to live there, it's strictly an investment property.
-- Edited by suse1023 on Saturday 7th of June 2014 06:25:53 PM
-- Edited by suse1023 on Saturday 7th of June 2014 06:26:20 PM
I use to own a ProperTy Management Company and I worked in the industry for 20 + years. 10% is standard. %'s usually start decreasing the more units you own. If you are going to buy it for an investment, make sure you treat it like one. I had too many owners who would buy it and then want to pull money out of it right away. You can't do that and make the necessary repairs, upkeep and pay off loans. The best owner I had understood this and did not take any money out for almost 20 years. in fact there were a few big uh ohs that required he put money in it. When he retired he had maintained it well, paid off the loans, and had a decent monthly income from it. Also make sure you hire a good management company. You do not want the reputation of being a slumlord or want someone who doesn't make sure the residents take care of things. Make sure you understand the landlord / tenant laws for your state.
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Patti and Ed
and their feathered kids in the Lipson Chicken Coop
Thankyou, that's great information.
By 10% do you mean 10% of monthly rental income goes to the management company?
and what exactly should I expect from them for their 10%?
10% is their fee to manage the property. This normally includes collecting the rent, paying any bills, scheduling contractors and submitting reports to you. They are your proxy and do anything you would do. They may chareg extra for things. Most likely you will have a leasing fee up to 50% of the first months rent for them to show the Property and screen applicants. This is per apartment so if you buy a duplex that fee would be x2. I would guarantee the residents for a year so if they moved sooner or I had to evict them than I would release it for free. You will also pay for any repairs. Ask to see their lease documents they use, and what their application process is for potential renters. Read the fine print of their management contract with you. This should spell out exactly what they will do. A good company can be a godsend, but a bad company could financially destroy you.
-- Edited by Talensnana on Saturday 7th of June 2014 08:37:02 PM
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Patti and Ed
and their feathered kids in the Lipson Chicken Coop
When I eventually shut my business down I will likely lease/rent my commercial properties and buildings out. (1)one main building with a large lot. Across the street another Duplex building(can be configured as one or seperate. Also a seperate compound beside it that I rent out now. I was thinking of selling in the future but with good reliable tennants a guy should be able to have some steady cash-flow happening..........................................That's my plan anyway.
